p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small- and mid-market capitalization companies (80% policy). This policy may be changed only upon 60 days’ prior notice to shareholders. For purposes of this Fund, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000® Growth Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcapspan style="vertical-align:super"®/span Growth Index. As of span style="-sec-ix-redline:true"July 1, 2024/span, the Russell 2000® Growth Index had a market capitalization range between span style="-sec-ix-redline:true"approximately $18/span million and span style="-sec-ix-redline:true"$10.5/span billion, and the Russell Midcap® Growth Index had a market capitalization range between span style="-sec-ix-redline:true"approximately $641/span million and span style="-sec-ix-redline:true"$59.1/span billion. The market capitalization ranges for these Indices will change on a periodic basis. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose market capitalization no longer meets the respective definition above after purchase continue to be considered either small- or mid-market-capitalization companies, as applicable, for purposes of this 80% policy. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russellspan style="vertical-align:super"®/span is a trademark of Frank Russell Company./p p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"The Fund intends to invest primarily in common stocks of US companies, but it may also invest in other securities that a sub-advisor believes provide opportunities for capital growth, such as preferred stocks, warrants, and securities convertible into common stocks. In keeping with the Fund’s investment objective, the Fund may also invest in foreign securities, including American depositary receipts (ADRs) and other depositary receipts and shares; derivatives, including futures and options; and fixed income securities, including those rated below investment grade./p p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"The Fund’s manager, Delaware Management Company (Manager), has selected Principal Global Investors, LLC (Principal) and Peregrine Capital Management, LLC (Peregrine) to serve as the Fund’s sub-advisors. Each sub-advisor is responsible for the day-to-day investment management of the portion of the Fund’s assets that the Manager allocates to the sub-advisor. The Manager may change the allocation at any time. The relative values of each sub-advisor’s share of the Fund’s assets also may change over time. Each sub-advisor selects investments for its portion of the Fund based on the sub-advisor’s own investment style and strategy./p p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"In managing its portion of the Fund’s assets, span style="-sec-ix-redline:true"Principal's/span primary objective is to outperform the Russell 2500 Growth Index over a full market cycle. No assurances can be given that this objective will be achieved. Principal's Dynamic Growth team targets small- to mid-sized businesses using its “Fundamental Momentum amp; Positive Surprise” investment philosophy.  The investment philosophy is based on the premise that companies producing better than expected results will have rising securities prices, while companies producing less than expected results will not. Through thorough analysis of company fundamentals in the context of the prevailing economic environment, Principal’s team of investment professionals selects companies that it believes meet its criteria of Fundamental Momentum amp; Positive Surprise. Companies whose stocks are experiencing positive or improving Fundamental Momentum amp; Positive Surprise are considered attractive for purchase, and companies falling short or in line with expectations are avoided or sold./p p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"In managing its portion of the Fund’s assets, Peregrine’s investment process is designed to profit from identifying “Information Gaps,” when a stock’s underlying fundamentals are not reflected in the price of the stock. These Information Gaps exist frequently in small, rapidly growing companies, creating the potential for dramatic stock price appreciation. Accordingly, Peregrine focuses its research on companies experiencing high growth and significant fundamental change. Fundamental research is the most important aspect of Peregrine’s investment process. A key driver of the research process is one-on-one meetings with management teams. During these discussions, Peregrine assesses four key variables:  the size of the growth opportunity; the company’s ability to manufacture, market, and sell its product or service; income statement and balance sheet quality and trends; and the credibility and capability of the management team. The process does not seek to identify companies that score top marks in all of these categories, rather the Peregrine investment team is focused on gaining a differentiated view of the company’s future earnings potential or underlying acquisition value versus the consensus view of investors — an Information Gap. Peregrine believes that the resulting portfolio is well-diversified and is structured to derive the majority of it returns through stock selection./p p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt"In response to market, economic, political, or other conditions, a sub-advisor may temporarily use a different investment strategy for defensive purposes. If a sub-advisor does so, different factors could affect the Fund’s performance and the Fund may not achieve its investment objective. The Fund’s investment objective is nonfundamental and may be changed without shareholder approval. However, the Fund’s Board of Trustees (Board) must approve any changes to nonfundamental investment objectives, and the Fund’s shareholders would be given at least 60 days’ notice prior to any such change./p